Is the “early bull” phase finally here? Bitcoin has absorbed a lot over the last 4–5 months: higher yields, higher oil, Fed hikes, geopolitical risk and a string of crypto-specific headwinds. Yet BTC is now 48% above the 6/30 lows, while the holder base has reset and nearly 37% of supply sits between $56k and $92k. The Golden Cross is confirmed, bitcoin:native has reclaimed its 50 WMA, leverage has reset, and several bear-market indicators have been cleared. @JustDeauIt now sees these conditions as enough to confirm the “early bull” phase. There are still risks, and ETF flows and spot volumes remain soft. But the market is absorbing bad news differently. --- We shared the latest edition of TDR pro today, if you'd like the cycle Awareness update where Michael breaks down the structure, conditions and macro backdrop behind that view., sign up for TDR pro below👇